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‘Digital gold’ Bitcoin surpasses $1,00,000 for first time, may reach $120,000 soon: Experts
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IRDAI postpones its move to hike 3rd party motor premium from Apr 1
“Validity of premium rates for Motor Third Party Liability Insurance Cover set out for the year 2019-20 stands extended beyond 31st March, 2020 until further notice, Accordingly, all insurers shall continue to charge the rates currently being charged for Motor Third Party Liability Insurance Cover from 1st April, 2020 onwards until further orders.,’’said IRDA in its order on Friday.
Repayment moratorium covers all loans, including credit card dues: RBI
Term loans and working capital facilities include all term loans (including agricultural term loans, retail and crop loans), all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India financial institutions, and NBFCs (including housing finance companies) are permitted to grant a moratorium of three months on payment.
RBI quickly sets up Business Contingency Plan amid coronavirus outbreak
The BCP playbook documents the measures for anticipated disruptions, smooth flow of operations and staffing, identification of the key resources, formation of crisis management groups, while keeping all the staff insulated from exposure to the coronavirus.
EU insurers must preserve capital positions as Coronavirus crisis escalates: Watchdog
“Insurers are likely to face progressively difficult conditions in the immediate future, both in terms of navigating challenging market conditions and in maintaining operations,” the European Insurance and Occupational Pensions Authority (EIOPA) said in a statement.
IRDAI forms committee to review corporate governance guidelines for Indian insurers
Four key functions (risk management, actuarial, compliance and internal audit) are an essential part of the system of governance.
These key functions are expected to be operationally independent to ensure an effective and robust internal control environment within an insurer and support high quality of decision-making by the management, said IRDAI.
IRDAI proposes to simplify norms on deductions in health policies
In the health insurance contracts, where there is a sub limit for room rent, in the event policyholder occupying a room with higher tariff, than the one that he is eligible, health insurance products, subject to product design, may stipulate recovery of proportionate deductions in respect of various associated medical expenses, said IRDAI.
Alamelu Panel recommends reduction of tax rates from 40% to 25 % for Indian FRBs
On the fit and proper criteria of Key Managerial Personnel (KMP), the committee has recommended that FRBs , Lloyd’s India will appoint KMPs as per corporate governance guidelines when the book gross premium reaches a level of Rs 5000 crores for the first time.
RBI unveils Yes Bank’s restructuring plans,SBI likely to hold 49% stake
“The matter in regard to Yes Bank was discussed at the meeting of the central board of bank on Thursday and an in-principle approval has been given by the board to explore investment opportunity in the bank,” the SBI board informed the bourses late in the evening.
RBI puts troubled Yes Bank under moratorium,limits withdrawals at Rs 50k
The RBI has also superseded the Board of Directors of Yes Bank for a period of 30 days owing to serious deterioration in the financial position of the Bank.
Prashant Kumar, ex-DMD and CFO of State Bank of India has been appointed as the administrator of the bank.
SAT rejects IRDA order, allows sale of pledged Reliance General insurance shares
Rejecting the IRDA’s Dec 27 order, the SAT in its order on Thursday has asked the IDBI Trusteeship Services, that is holding the pledged shares as a custodian, to make every endevour to find a suitable buyer for the pleged shares.
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“ As and when a suitable buyer is found suitable application would be made before IRDAI for appropriate approval to enable the IRDAI to carry out due diligence and to ascertain fulfillment of Fit and Proper criteria, financial soundness,’’ said the SAT order .